YOUR PENSION BENEFIT IS INCREASING AGAIN Your Board of Trustees is pleased to announce that it has once again been able to provide all Plan members with a cost of living adjustment (COLA) effective January 1, 2022. Due to positive returns of the Plan, the Board was able to approve the full COLA, matching Canada’s Consumer Price Index (CPI). The CPI looks at how much the price of things we buy has changed over the last year, including food, gas, housing, and much more. The COLA for members of the CUPE Hospitals SRP is based on the increase in the CPI from July 2020 to June 2021. Similar to the previous year, the increase in the CPI for this period was 1.46%. If you’re an active or deferred member, the increase will be applied to the benefits you’ve earned up to December 31, 2020, which has a positive effect on the pension you’ll receive when you retire. If you’re a retiree, the increase will be applied to your monthly pension benefit as of January 1, 2022. You’ll receive notification of this increase in writing in December 2021.
1.46%
increase for all active, retired, and deferred members
2 | PENSION NEWS
